Bored Ape NFT Sells for 153 ETH Just 11 Months After 777 ETH Purchase – Seller Loses 80%
A Bored Ape Yacht Club (BAYC) NFT that was the most valuable Trippy Bored Ape on record when it sold for 777 ETH in November 2022 has exchanged hands for 153 ETH. The latest trade represents a significant loss for the seller, with an 80% markdown on the NFT’s previous price in Ethereum.
Key Points:
- Bored Ape NFT #8585, with rare attributes, was valued at 777 ETH in October 2022.
- The recent sale represents an 80% loss for the seller.
- The NFT is now worth just a quarter of its previous value in dollars.
- The Trippy Bored Ape still holds the highest sale price in its fur category.
- X2Y2 marketplace facilitated the sale of the NFT.
The new owner of the Bored Ape NFT is an avid collector, with a portfolio of 176 NFTs from 15 collections. They now own six BAYC NFTs and three CryptoPunks.
Yuga Labs Loses Out as BAYC Collectors Save on Royalty Fees
X2Y2 marketplace, where the recent Bored Ape NFT sale occurred, offers zero compulsory royalty fees, making it attractive for traders. The rise of royalty-free marketplaces has also led OpenSea, one of the largest NFT trading platforms, to eliminate compulsory creator fees. In response, Yuga Labs, the creator of the BAYC collection, has withdrawn its support for OpenSea and plans to prevent its new collections from being listed there. However, it may not be possible to prevent listings on marketplaces that don’t enforce creator fees, jeopardizing one of Yuga Labs’ most important revenue streams.
Hot Take:
The Bored Ape NFT market has experienced a significant loss for a previously valuable NFT, highlighting the volatility of the crypto market. The rise of royalty-free marketplaces poses a challenge for NFT creators like Yuga Labs, who rely on royalty fees for revenue. As the NFT landscape continues to evolve, it remains to be seen how creators will navigate these changes and adapt their strategies to maintain profitability.
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